In the first quarter of 2024, consumers in Europe once again reported having mixed feelings about the economy, but their concerns didn’t stop them from spending on discretionary items. Travel and self-care were two categories that these consumers expressed interest in. Even so, cautious consumers continued to trade down. The following charts highlight findings from our latest ConsumerWise research in five European countries: France, Germany, Italy, Spain, and the United Kingdom.
At the start of 2024, consumers in Europe reported economic sentiment and behavior similar to the feelings and behaviors they reported in 2023. As we move further into the year, lingering uncertainties about the global economy and geopolitical landscape may continue to affect consumer spending habits. Consumer goods and retail businesses will need to provide value to their customers to battle these potential headwinds. To contact us for more information or to read additional insights, check out our ConsumerWise page.
ABOUT THE AUTHOR(S)
Jessica Moulton is a senior partner in McKinsey’s London office, where Gizem Ozcelik is a specialist and Nadya Snezhkova is a consultant; Thomas Rüdiger Smith is a partner in the Copenhagen office; and Anja Weissgerber is the leader of strategy and operations for McKinsey’s Consumer Packaged Goods and Retail Practices globally and is based in the Berlin office.
This article was edited by Alexandra Mondalek, an editor in the New York office.
Consumers in Europe reported mostly mixed feelings about the economy in November, with a decrease in optimism from the previous quarter. These sentiments translated into various behaviors—such as trading down—that were also evident earlier in the year. Meanwhile, environmental, social, and governance (ESG) factors continued to influence consumer behavior in Europe. The following five charts highlight findings from our latest ConsumerWise research in five European countries: France, Germany, Italy, Spain, and the United Kingdom.
European consumers closed out 2023 engaging in many of the same purchasing behaviors they had exhibited throughout the year. As the new year unfolds—with questions still lingering about the state of the global economy and geopolitics—consumer goods and retail businesses will have to continue to deliver value to discerning consumers. Check out our ConsumerWise page and contact us for more information and additional insights.
ABOUT THE AUTHOR(S)
Jessica Moulton is a senior partner in McKinsey’s London office, where Gizem Ozcelik is a specialist and Nadya Snezhkova is a consultant; Thomas Rüdiger Smith is a partner in the Copenhagen office; and Anja Weissgerber is the leader of strategy and operations for McKinsey’s Consumer Packaged Goods and Retail Practices globally and is based in the Berlin office.
This article was edited by Alexandra Mondalek, an editor in the New York office.
Consumers in Europe reported mixed feelings about the economy in August. Those feelings manifested into a range of behaviors—for example, price became a more important factor in purchase decisions. A greater emphasis on the omnichannel experience, as well as health and environmental considerations, also characterized European consumer behavior in the third quarter of 2023. The following six charts highlight findings from our latest ConsumerWise research in five European countries: France, Germany, Italy, Spain, and the United Kingdom.
This snapshot of the European consumer reflects the complicated world around them, one in which uncertainty lingers. The survey results indicate that value may become a more important purchase consideration, but certainly not the only one. European consumers are open to new experiences and to discovering brands across a variety of channels, creating valuable opportunities for consumer goods and retail businesses across the region. Check out our ConsumerWise page, and contact us for more information and additional insights.
ABOUT THE AUTHOR(S)
Jessica Moulton is a senior partner in McKinsey’s London office, where Nadya Snezhkova is a consultant; Thomas Rüdiger Smith is a partner in the Copenhagen office; and Anja Weissgerber is the leader of strategy and operations for McKinsey’s Consumer Packaged Goods and Retail Practices globally and is based in the Berlin office.
The authors wish to thank the ConsumerWise team, including Christina Adams, Kari Alldredge, Emmeline Hale, Andrea Leon, Andrew Pitakos, and Jonathon Rivait, for their contributions to this article.
This article was edited by Alexandra Mondalek, an associate editor in the New York office.
To save or to splurge? That is the question confronting European consumers, who have the most optimistic economic outlook they have had in at least a year, in the face of continuing price increases. For some, the answer is “both.” The following five charts highlight findings from our latest ConsumerWise research survey, conducted in May 2023 in five European countries: France, Germany, Italy, Spain, and the United Kingdom.
The snapshot of the European consumer today reflects the tension between intending to spend and save under the pressure of higher prices, albeit with more nuance than one might find in a typical economics textbook. These sentiment data indicate that value may become a more important driver of purchases—but certainly not the only one. Check out our ConsumerWise page and contact us for more information and additional insights.
ABOUT THE AUTHOR(S)
Jessica Moulton is a senior partner in McKinsey’s London office, where Nadya Snezhkova is a consultant; Thomas Rüdiger Smith is a partner in the Copenhagen office; and Anja Weissgerber is the leader of strategy and operations for McKinsey’s Consumer Packaged Goods and Retail Practices globally and is based in the Berlin office.
The authors wish to thank the ConsumerWise team, including Christina Adams, Kari Alldredge, Emmeline Hale, Andrea Leon, Andrew Pitakos, and Jonathon Rivait, for their contributions to this article.
This article was edited by Alexandra Mondalek, an associate editor in the New York office.
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